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Friday, September 30 2022
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S.Korean Finance Minister to virtually attend G-20 meeting this week

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Seoul: South Korean Finance Minister Hong Nam-ki plans to virtually attend a meeting of finance chiefs and top central bankers from the Group of 20 (G-20) major economies this week to discuss global economic issues, his office said Wednesday.

The meeting, to be chaired by Indonesia, will be held both virtually and face-to-face on Thursday and Friday, according to the Ministry of Economy and Finance, Yonhap news agency reported.

G-20 financial chiefs and leaders of international organisations will discuss ways to cope with global economic risks and promote the reform of the global taxation scheme, it said.

Hong plans to highlight the importance of taming inflationary pressure and raise the need for policy coordination to deal with global supply chain disruptions.

He will also call for efforts to address contentious issues over the implementation of a new global tax deal that the leaders from the G-20 endorsed last year, the ministry said.

In October 2021, the G-20 leaders approved a two-pillar deal to impose a minimum corporate tax of 15 per cent and to share taxes imposed on profits of multinational companies in a bid to prevent them from dodging taxes.

The G-20 meeting of financial chiefs will be held four times this year, including this week’s gatherings, prior to the summit of their leaders set for November in Bali.

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